I have been invested in Amazon (AMZN) since late 2022 and I believe the company has quietly entered its next act. After years of building the world’s largest digital infrastructure — warehouses, data centers, cloud networks, and fulfillment systems — the company is now turning that scale into real earnings power. The market, though, remains hesitant. Margins are under the microscope, capital intensity is high, and free cash flow has been volatile. But underneath the noise, Amazon continues to strengthen its position as one of the best-placed businesses on earth for the next decade of AI-driven commerce and computing.
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